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Housebuilder Bellway has warned that sales volumes are likely to remain flat until next summer, as it revises its predictions for 2011 in the face of falling consumer confidence.

This week the firm announced it had replaced last year鈥檚 拢36.6m loss with a pre-tax profit of 拢44.4m for the year to 31 July 2010.

But it said weekly sales were lagging behind last year鈥檚 levels because of buyer nervousness and continued rationing of mortgages.

We鈥檒l do more homes if we can, but there鈥檚 a fog of uncertainty out there

John Watson, Bellway

John Watson, Bellway鈥檚 chief executive, warned that the period after the general election had been uncertain, and sales had picked up only slightly in the autumn selling season.

Sales for the past eight weeks have been running at just under 90 homes a week - 6% less than the same period last year.

Watson said this meant that previous guidance to the market, which was that the number of homes built next year could be as high as 5,000, looked optimistic.

鈥淚t鈥檚 a difficult call, but we think sales of homes are likely to remain flat, he said. 鈥淲e鈥檝e a mindset to do more if we possibly can, but there鈥檚 a fog of uncertainty there.鈥�

Watson added that the possibility of significant cuts to government housing spend on the back of this week鈥檚 spending review settlement was adding to the uncertainty.

He said: 鈥淚n my 3,000 home order book there are 1,000 housing association units, and I鈥檓 pretty sure those will come through.

鈥淭he doubt in my mind is: what happens to this in the following year if spending is cut - will social housing numbers reduce?鈥�

Watson鈥檚 guidance caused analyst Numis to reduce its profits forecast for Bellway, and it took the shine off strong 2010 results, with turnover up 12% from the previous year.

Watson said the firm had spent 拢200m on land in the past year, most of which was in London and the South-east. The group has a forward order book of 拢397m and 拢59m of net cash.